US stocks jump after Congress passes tax bill

New York, Dec 22 : US stocks traded higher in the morning session on Thursday, after the recent approval of the tax bill.

At midday, the Dow Jones Industrial Average increased 100.48 points, or 0.41 per cent, to 24,827.13. The S&P 500 rose 9.66 points, or 0.36 per cent, to 2,688.91.

The Nasdaq Composite Index was up 20.22 points, or 0.29 per cent, to 6,981.18, Xinhua reported.

The US Congress on Wednesday finally passed the Republican bill to overhaul the US tax code over three decades, sending it to President Donald Trump's desk for signature, amid concerns that the change would widen income inequality and swell public debt.

"By cutting taxes and reforming the broken system, we are now pouring rocket fuel into the engine of our economy," Trump said on Wednesday.

Some companies said they would spend the savings from lower corporate taxes on higher wages and new construction.